Which of the following is a market structure of monopoly?
a. Few firms operating as price takers.
b. Single firm operating as a price taker.
c. Single firm that is a price maker.
d. All of these are true.
c
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The Nash equilibrium of this game is for Happy Feet to ________ and Best Nails to ________.
Happy Feet wants to prevent Best Nails from entering the nail salon market. The above game tree illustrates the different strategies and corresponding payoffs for the two firms. Both Happy Feet and Best Nails have the same strategies of advertising (Ad) or not advertising (No Ad). The payoffs represent net profit in millions.
A) Ad; No Ad
B) No Ad; Ad
C) Ad; Ad
D) No Ad; No Ad
Refer to the data provided in Table 16.4 below to answer the following question(s).Table 16.4 shows the situation facing two firms, both of which are polluting. Assume that each firm emits 5 units of pollution.Table 16.4Firm AFirm AFirm AFirm BFirm BFirm BReduction of Pollution by Firm AMC of reducing pollution for Firm ATC of reducing pollution for Firm AReduction of Pollution by Firm BMC of reducing pollution for Firm BTC of reducing pollution for Firm B1$2$21$16$162 6 82 24 4031220332 724204044011253070548160Refer to Table 16.4. Suppose the government wants to reduce the total amount of pollution from the current level of 10 to 4. To do this, the government caps each firm's emissions at 2 units and issues 2 permits to each firm. If firms are allowed to trade permits, how
many permits will be traded between the two firms? A. B will buy two permits from A. B. A will buy two permits from B. C. B will buy one permit from A. D. A will buy one permit from B.
Which of the following will increase the break-even quantity?
a. A decrease in overall fixed costs b. A decrease in the marginal costs c. A decrease in the price level d. An increase in price level
Answer the following questions true (T) or false (F)
1. If inflation is anticipated, some effects of inflation on the redistribution of income can be avoided. 2. The problem associated with inflation is that as prices rise, consumers can no longer afford to buy as many goods and services, since nominal income usually does not increase with inflation. 3. Inflation redistributes income to a greater extent when the inflation is unanticipated compared to when the inflation is anticipated.